VYGR · Voyager Therapeutics, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.59M | - | $13.37M | $5.20M | $6.47M | - | $24.63M | $29.58M | $19.52M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | $24.60M | - | $35.87M | $31.33M | $31.53M | - | $30.24M | $34.45M | $27.09M | - |
| SG&A | $8.26M | - | $8.09M | $10.49M | $9.64M | - | $8.17M | $10.15M | $8.61M | - |
| Total Operating Expenses | $32.86M | - | $43.96M | $41.83M | $41.17M | - | $38.41M | $44.60M | $35.70M | - |
| D&A | $932.0K | - | - | - | $1.01M | - | - | - | $1.20M | - |
| Operating Income | ($30.27M) | - | ($30.59M) | ($36.63M) | ($34.69M) | - | ($13.78M) | ($15.03M) | ($16.18M) | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | $14.0K | - | $83.0K | $15.0K | $37.0K | - | $43.0K | $24.0K | $14.0K | - |
| Net Income | ($27.94M) | - | ($27.89M) | ($33.38M) | ($31.02M) | - | ($9.04M) | ($10.14M) | ($11.33M) | - |
| EPS - Basic | ($0.47) | - | ($0.47) | ($0.57) | ($0.53) | - | ($0.16) | ($0.18) | ($0.20) | - |
| EPS - Diluted | ($0.47) | - | ($0.47) | ($0.57) | ($0.53) | - | ($0.16) | ($0.18) | ($0.20) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $43.31M | $65.30M | $45.13M | $43.94M | $74.75M | $71.37M | $112.53M | $76.13M | $143.08M | $68.80M |
| Accounts Receivable | $1.49M | $1.76M | $3.19M | $1.67M | $1.62M | $1.50M | $15.95M | $1.70M | $837.0K | $80.15M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $2.72M | $5.01M | $2.12M | $1.80M | $2.63M | $4.00M | $3.16M | $2.60M | $7.58M | $1.60M |
| Current Assets | $146.98M | $202.69M | $219.59M | $227.89M | $245.21M | $276.81M | $373.44M | $381.57M | $409.14M | $319.68M |
| Total Assets | $219.32M | $252.28M | $288.31M | $322.10M | $353.24M | $393.05M | $426.04M | $436.23M | $469.59M | $351.28M |
| Current Liabilities | $17.45M | $26.54M | $35.49M | $41.98M | $40.21M | $49.79M | $44.21M | $40.13M | $72.55M | $64.51M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $45.66M | $56.20M | $68.49M | $78.16M | $80.54M | $93.29M | $95.73M | $100.81M | $128.71M | $114.96M |
| Stockholders' Equity | $173.67M | $196.08M | $219.82M | $243.94M | $272.70M | $299.76M | $330.31M | $335.42M | $340.89M | $236.32M |
| Retained Earnings | ($473.84M) | ($445.90M) | ($418.48M) | ($390.59M) | ($357.20M) | ($326.18M) | ($291.70M) | ($282.65M) | ($272.51M) | ($261.18M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($33.42M) | - | - | - | ($37.90M) | - | - | - | $58.77M | - |
| Investing Cash Flow | $8.10M | - | - | - | $41.20M | - | - | - | ($96.06M) | - |
| Financing Cash Flow | $3.33M | - | - | - | $82.0K | - | - | - | $112.86M | - |
| CapEx | $14.0K | - | - | - | $658.0K | - | - | - | $2.14M | - |
| Free Cash Flow | ($33.43M) | - | - | - | ($38.55M) | - | - | - | $56.63M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | -1167.4% | - | -228.9% | -704.3% | -536.0% | - | -56.0% | -50.8% | -82.9% | - |
| EBITDA margin | -1131.4% | - | - | - | -520.3% | - | - | - | -76.8% | - |
| Net margin | -1077.4% | - | -208.7% | -642.0% | -479.2% | - | -36.7% | -34.3% | -58.1% | - |
| Free cash flow margin | -1289.4% | - | - | - | -595.6% | - | - | - | 290.2% | - |
| FCF / Net income | 1.20 | - | - | - | 1.24 | - | - | - | -5.00 | - |
| R&D / Revenue | 948.8% | - | 268.4% | 602.5% | 487.0% | - | 122.8% | 116.5% | 138.8% | - |
| SG&A / Revenue | 318.6% | - | 60.6% | 201.8% | 148.9% | - | 33.2% | 34.3% | 44.1% | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -12.7% | - | -9.7% | -10.4% | -8.8% | - | -2.1% | -2.3% | -2.4% | - |
| Return on equity | -16.1% | - | -12.7% | -13.7% | -11.4% | - | -2.7% | -3.0% | -3.3% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 8.42 | 7.64 | 6.19 | 5.43 | 6.10 | 5.56 | 8.45 | 9.51 | 5.64 | 4.96 |
| Quick ratio | 8.42 | 7.64 | 6.19 | 5.43 | 6.10 | 5.56 | 8.45 | 9.51 | 5.64 | 4.96 |
| Cash ratio | 2.48 | 2.46 | 1.27 | 1.05 | 1.86 | 1.43 | 2.55 | 1.90 | 1.97 | 1.07 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 1.26 | 1.29 | 1.31 | 1.32 | 1.30 | 1.31 | 1.29 | 1.30 | 1.38 | 1.49 |
| Liabilities / Assets | 0.21 | 0.22 | 0.24 | 0.24 | 0.23 | 0.24 | 0.22 | 0.23 | 0.27 | 0.33 |
| Efficiency | ||||||||||
| Asset turnover | 0.01 | - | 0.05 | 0.02 | 0.02 | - | 0.06 | 0.07 | 0.04 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 210d | - | 87d | 118d | 92d | - | 236d | 21d | 16d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 1.3x | - | 1.2x | 0.7x | 0.7x | - | 1.0x | 1.4x | 1.6x | - |
| P / S | 88.6x | - | 20.5x | 35.1x | 30.5x | - | 13.7x | 15.4x | 27.2x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -59.9% | - | -45.7% | -82.4% | -66.8% | - | 433.8% | 509.5% | -87.0% | - |
| Revenue CAGR (3y) | -74.2% | - | -31.2% | 94.0% | 114.3% | - | 155.2% | 179.3% | 44.3% | - |
| Revenue CAGR (5y) | -16.8% | - | -35.3% | -28.9% | -18.6% | - | 3.8% | -8.5% | 30.3% | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 12.7% | - | -122.0% | -143.8% | -114.4% | - | 53.3% | 40.9% | - | - |
| Net income growth (YoY) | 9.9% | - | -208.4% | -229.2% | -173.8% | - | 65.1% | 54.3% | - | - |
| EPS growth (YoY) | 11.3% | - | -193.7% | -216.7% | -165.0% | - | 72.9% | 64.7% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 13.3% | - | - | - | - | - | - | - | -54.0% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | -14.5% | - |
| Book value growth (YoY) | -36.3% | -34.6% | -33.4% | -27.3% | -20.0% | 26.8% | 87.4% | 68.5% | 57.1% | 300.4% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$40.37M totalSingle Reportable Segment$40.37M · 100.0%
Peer comparison
Same SIC group: Biological Products, (No Diagnostic Substances)
Comparing Voyager Therapeutics against the 5 most active filers in the same SIC group.